Saving Dollars While Gaining Sense
|
Posted By: Ladel Lewis on July 20, 2012 Saving Dollars While Gaining Sense Scenario: You are at the mall and you see a nice pair of shoes. You have several pair in your closet. Some that have never seen your foot since you originally left the shoe store. You look at your cellular phone and see you just missed a call. It is a “1-888” number signifying a bill collector. What should you do: A) Get them! You only live once! B) Wait until they go on sale. Not paying full price will make you feel much better about getting them C) Remind yourself that you only have two feet, and make a declaration to wear what you have. Although the recession is declared to be official over, many of the poor/working class and even middle class families are feeling the pinch. Now one may ask, “Which class do I fall into”? The answer is quite simple. If you qualify for government assistance you are among the poor/working poor. If you rely on your weekly/bi-weekly check and it is already spent before you get it, you may be a card carrying member of the working class. Being in this position, one can not afford to heavily indulge on luxuries when more important expenses are looming . One of the golden rules of finance is to have an emergency fund with no less than 9 months’ salary in it. An emergency fund is a savings account solely for emergency situations (i.e. getting laid off). This way, if you lose your job or fall on hard times, you can literally draw a monthly paycheck from your personal account until you get back on your feet. One may ask, “how can I realistically start saving when money is tight?” One can start: -investing $50 per check or a percentage of your income into your emergency fund. Automatic deposit will ensure your money makes it to that account every month. For example, if you make $10.00 per hour, your goal should be to have at least $14,400 in your emergency fund. -Create a time line to have your emergency account funded. For example, if you give yourself seven years (based off a $10.00 per hour salary), you need to save at least $171.43 per month. This is very doable! -Save loose pocket change. At the end of the month, deposit it into your emergency account -Do not get a debit card for your emergency fund. That instantly entices one to WITHDRAW money. -Do an inventory of what you already have. Chances are, you may already have that item or something similar in your possession As an adult, we must make adult decisions and model responsible behavior for the next generation (and also one another). When it comes to paying bills and creditors, purchasing footwear or unneeded items should not be in completion for being a priority. So when you see those ‘out cold’ shoes at the store, but do not have 9 months of income in your emergency account and/or bill collectors are calling you regarding money you owe, the choice should be simple. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
 |
Ladel Lewis
Research Associate, Western Michigan University Western Michigan Univ class of 2012 Member Since October 2006 |
Comments
More From This Author
Latest Blogs
 |
gospel music artist and gospel music enthuiast just got a huge help to succeed from allnationstv.comhttps://youtu.be/R97HT_MVtY4
Strategic Collaboration Alert
Juniques Gospel Musical Review has just completed a high‑leverage, opportunity‑expanding interview with AllNationsTV.co ...more
rickey johnson • 74 Views • April 9th, 2026 |
 |
The 2026 Mazda CX-50 Hybrid PremiumFor 2026, the Mazda CX-50 Hybrid is back for its second year, quietly proving that you don’t have to sacrifice driving enjoyment for fuel efficiency, whether you're navigating potholes downtown or mer ...more
Randi Payton • 120 Views • April 7th, 2026 |
 |
5 Flexible Graduate Programs Perfect for Working Adults in Mental Health FieldsBalancing a career in mental health with the pursuit of advanced education can feel overwhelming. Yet, today’s universities are designing graduate programs with flexibility in mind, making it possible ...more
Anica Oaks • 121 Views • April 7th, 2026 |
 |
Gary IN Artist & CEO ML UNDERWOOD Releases Hot New Single "Still I Rise" Feat Danny Boy@MLUNDERWOOD #MLUNDERWOOD
https://mylifeentertainment.net/
FB@MLUNDERWOOD
YouTube@MyLifeEmtertainment
IG@MyLifeEntertainment
TikTok@MyLifeEmtertainment
ML UNDERWOOD has been long established ...more
LaMarr Blackmon • 249 Views • April 2nd, 2026 |
 |
Duke’s spectacular season ends in another inexplicable collapse, as UConn, Michigan, Arizona, & Illinois are Final Four BoundFrom afar, the 2026 Final Four could seem uneventful regarding upsets or Cinderellas. After all, we’re only two seasons removed from 11th-seeded NC State playing in the Final Four. The year before, in ...more
Jordan Davis • 300 Views • April 1st, 2026 |
Popular Blogs
 |
Divorce in America in 2009 – What’s love got to do, got to do with it?
Join Brother Marcus and the cast and the crew of the Brother Marcus Show live this Sunday evening on February 1, 2009 @ 8:00 p.m. for another hot topic in our community! “Divorce in America in 2009 ...more
Brother Marcus! • 70,935,737 Views • January 27th, 2009 |
 |
VISINE ALERT!!!Seemingly innocent medication such as Visine eyedrops are used by people to concoct a mixture with similar effects as a date-rape drug.
When mixed with alcohol and taken orally, the eyedrops can l ...more
Siebra Muhammad • 119,008 Views • May 23rd, 2009 |
 |
"Chain Hang Low" check out the real meaning of the Lyrics!Recently there is a new artist out of Saint Louis that goes by the name JIBBS. Jibbs debut single "Chain hang low" has a history that most people are not aware of. The particular nursery rhyme that th ...more
Tyhesha Judge-Fogle • 76,965 Views • November 9th, 2006 |
 |
HBCU Marketplace Gifts: Divine 9 Premium Fraternity / Sorority Playing CardsVendor: Charles Jones
Item Price: $20.00
Price Includes Shipping: Yes - Shipping Included
Item Description:
Pantheon Series - Divine 9 - Premium Playing Cards (choose Gold Series or Silve ...more
How May I Help You NC • 62,280 Views • December 2nd, 2018 |
